MIRA INFORM REPORT

Report Date :

21.02.2014

IDENTIFICATION DETAILS

Name :	ASIDA GENERAL TRADING LTD.
Registered Office :	c/o Crisp Hong Kong Ltd. 9/F., SPA Centre, 53-55 Lockhart Road, Wanchai,
Country :	Hong Kong
Date of Incorporation :	31.05.2010
Com. Reg. No.:	52382795
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of kitchen ware, stainless steel products, garments, dried nuts and foodstuffs
No. of Employees :	No employees in Hong Kong It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	No operating office in Hong Kong
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Hong Kong	A2	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HONG KONG - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983

Source : CIA

NOTE

Please be advised that there is no such a firm known as “Asida General Trading LLC” registered with the Companies Registry of Hong Kong. There was a firm known as Asida General Trading Ltd. [AGTL] located at your “20/F., Champion Building, 287‑291 Des Voeux Road Central, Sheung Wan, Hong Kong” where was the operating address of Akin Professionals Ltd., a Certified Public Accountant. Now, AGTL has moved to the above-mentioned address.

Company name and address

ASIDA GENERAL TRADING LTD.

ADDRESS: c/o Crisp Hong Kong Ltd. 9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong.

PHONE: 852-2111 2751

FAX: 852-3747 3375

MANAGEMENT

Managing Director: Mr. Abdul Lathif Kareem

SUMMARY

Incorporated on: 31st May, 2010.

Organization: Private Limited Company.

Capital: Nominal:HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

c/o Crisp Hong Kong Ltd.

9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong.

Operating Address:-

Flat C, 2/F., Wah Ming Mansion, 2A Eastern Street, Sai Ying Pun, Hong Kong.

Associated Company:-

Asida General Trading Ltd. (LLC), UAE.

BUSINESS REGISTRATION NUMBER

52382795

COMPANY FILE NUMBER

1462497

MANAGEMENT

Managing Director: Mr. Abdul Lathif Kareem

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDER: (As per registry dated 31-05-2013)

Name	No. of shares
Abdul Lathif Kareem	10,000 =====

DIRECTOR: (As per registry dated 31-05-2013)

Name (Nationality)	Address
Abdul Lathif Kareem	No. 183/2, Bazaar Street, Kadugudi, Bangalore 560067, India.

SECRETARY: (As per registry dated 31-05-2013)

Name	Address	Co. No.
Crisp Hong Kong Ltd.	17H, Kam Shan Mansion, 5, Tai Fung Acenue, Taikoo Shing, Hong Kong.	1748790

HISTORY

The subject was incorporated on 31st May, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered office was located at 20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong where was the operating office of Akin Professionals Ltd. The subject moved to Flat B, 1/F., Harmony Court, 127 Bonham Strand East, Sheung Wan, Hong Kong in March 2012., to Flat C, 2/F., Wah Ming Mansion, 2A Eastern Street, Sai Ying Pun, Hong Kong in May 2013 and further to the present address with effect from 1st October, 2013. The present address is the operating address of a secretary company Crisp Hong Kong Ltd.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of kitchen ware, stainless steel products, garments, dried nuts and foodstuffs, etc.

Employees: Nil.

Commodities Imported: India, Pakistan, Singapore, Hong Kong and China.

Markets: Asian countries, UAE, Europe, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, or as per contracted.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is fairly active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Asida General Trading Ltd. is wholly owned by Abdul Lathif Kareem who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject does not have its own operating office. Its registered address is in a commercial service provider located at 9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong known as Crisp Hong Kong Ltd. This company is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

The subject’s operating address is located at Flat C, 2/F., Wah Ming Mansion, 2A Eastern Street, Sai Ying Pun, Hong Kong where is the new residence of Abdul Lathif Kareem if he is in Hong Kong.

The subject has had an associated company Asida General Trading Ltd. (LLC) [Asida] in Dubai, the United Arab Emirates. This firm is also operated by Abdul Lathif Kareem.

Asida, incorporated on 16th February, 1999, has its head office located at 506, Al Jawara Building Bank Street - Bur Dubai, the United Arab Emirates. It is engaged in general merchandises trading. Goods are imported from various countries as well as procured from domestic market for the export and sale in the domestic market. It is importing commodities from India, Pakistan, Singapore, Hong Kong and China. Prime markets are the United Arab Emirates and European countries. The subject carries food items (dried nuts, seeds, etc.), electric appliances, blankets, plastic accessories, textile products, garments (shirts, trousers, blouses, skirts, etc.), steel kitchen utensils, kitchen ware, sundry products.

Abdul Lathif Kareem has claimed to be experienced in foreign trading. The subject is able to provide customers with quality products and competitive prices.

The subject’s business in Hong Kong is fairly active. History in Hong Kong is just over three years.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

NOTE:

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.84
Euro	1	Rs.85.70

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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